Islamabad: The Federal Board of Revenue (FBR) officials expressedreservations about ending the income tax exemption on a monthly income of50,000 rupees, stating that the tax exemption will continue.
According to details, negotiations with the International Monetary Fund(IMF) are underway at the Federal Board of Revenue (FBR). Officialsclarified that there will be no discussion of imposing new taxes with theIMF, and the matter of taxing the low-income group will not be considered.
The FBR officials mentioned that the income tax exemption for those earninga monthly income of 50,000 rupees will remain, and the tax exemption willnot be discontinued for those earning an annual income of 600,000 rupees.
Officials have stated that there is no policy or recommendation underconsideration regarding the reversal of tax exemptions, and the World Bankhas not suggested any reduction in the current threshold of 600,000.
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According to officials, the implementation of taxes on income derived fromthe agriculture sector is also a provincial matter.